He said there was a “turning point” for the economy with debt due to fall as a share of national income for the first time in over a decade.

He also paved the way for extra spending on the NHS and Armed Forces for the Autumn Budget - which was previously the Spring Budget.

The good news for businesses came as new figures from the Department for International Trade revealed that Britain now has an all-time record number of exporters up 3.4 per cent to 154,000 in 2017, selling an average of £2.1 million of goods abroad.

International Trade Secretary Dr Liam Fox said: “More than a year after the EU referendum, global demand for UK goods continues to rise.

“By targeting overseas markets companies are not only delivering benefits to the local economy, but the wider country too.”